UTI Bank profit surges 35% in third quarter

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UTI Bank today announced a 35.11 per cent rise in its net profit for third quarter (October-December) of fiscal year 2004-05 at Rs 101.15, up from Rs 74.86 crore in the corresponding quarter of the last fiscal year.

The banks' total income has increased to Rs 634.21 crore against Rs 530.79 crore.

Its net profit for the first nine month rose by 14.03 per cent to Rs 218.04 crore against Rs 191.22 crore. The bank's total income during the same period stood at Rs 1,617.56 crore compared to Rs 1,622.46 crore in the same period last fiscal.

On the Bombay Stock Exchange (BSE) the UTI Bank stock ended the day at Rs 196.55 up 4.49 per cent against its previous close of Rs 188.10.

The bank's other income for the quarter ended December 31 rose by 5 per cent to Rs 144.96 crore against Rs 137.61 crore.

The rise in other income was largely driven by an increase in fee income. Its fee income grew by 135 per cent to Rs 102.08 crore against Rs 43.45 crore in the corresponding.

During the period under review the bank's treasury income stood at Rs 42.88 crore against Rs 94.16 crore.

The bank's net interest income was up 26 per cent to Rs 187.03 crore against Rs 148.83 crore. Its cost of funds stood at 4.75 per cent against 5.51 per cent. The bank's non performing assets (NPA's) dipped to 1.30 per cent against 1.45 per cent. Its capital adequacy ratio dipped to 9.38 per cent against 11.20 per cent.